The drug store chain recently struck a deal to purchase 1,932 Rite Aid stores, and a Walgreens(WBA) spokesperson said most of the shuttered stores will be Rite Aid locations within close proximity to existing stores.

At the heart of retail's woes is the rise of both online shopping and fast fashion. As e-commerce giants have gobbled up market share from some brick-and-mortar brands, cheaper outlets like H&M and Forever 21 have also threatened clothing brands' business models.